The definition of "beneficiary"
Beneficiary - the recipient of income, this term can have several meanings depending on the scope of activities.
If PEQ is insurance, the beneficiary is the beneficiary specified in the insurance policy compensation. If the person named in the contract, did not live to see the end of its validity period, the beneficiary may be another person. With respect to property insurance it becomes any owner, if the property was insured in his favor by another person.
In inheritance law the beneficiary is a testamentary heir.
The beneficiary is also a person receiving income from their property, for example, by receipt of rent upon delivery of the property to rent.
The definition of "beneficiary" applies to the owners of shares who have delivered to trust management for maximum profit. The beneficiaries-holders of shares have the right to transfer the rights of ownership, addressing issues about the company's activities, the right to vote at the shareholders ' meeting and to participate in the management of the company.
If we are talking about trust, the beneficiary is the person who receives financial benefits from the management of trust property.
The term beneficiary is used widely in the offshore business. In this case, it is a real business owner, which is also called "the ultimate beneficiary". It usually differs from the nominal holder that is specified in the founding documents. That is, the de facto beneficiary is a business owner with all rights of management and receives income from the company, but de jure, the right of ownership assigned to other persons. A nominee of the management is justified by the preservation of confidentiality in relation to the final beneficiary.
Beneficiaries in banking
In banking, the definition of "beneficiary" is used in operations with Bank letters of credit, collections, guarantees and certificates.
In the arrangement of Bank credit, the beneficiary is the person in whose name it is opened, the owner of the documentary credit.
In the framework of banking transactions of collection, the beneficiary is the payee after the execution of banking operations, which confirm the receipt by the buyer of the property as part of the transaction.
For the banking certificate, the beneficiary is the beneficiary of the funds for it at the expiration of its term. Since the certificates are transferable, it is not necessarily the person who opened a Bank certificate.
The beneficiary under the Bank guarantee acts as a creditor who needs to receive funds under the agreement.